Explain how much of these losses may jonathan deduct

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Reference no: EM13132546

1. During the year, Jonathan sold the following assets: business auto for $1500 loss (not a capital asset), stock investment for a $4000 loss (bought 2 months ago), and pleasure boat for $500 loss. Presuming adequate income, how much of these losses may Jonathan deduct?

2. Polo Co. had $250,000 in operating income and $75,000 in operating expenses during the year. In addition, Polo had a $13,000 LTCG and a $17,500 STCL. What is Polo’s taxable income?

Reference no: EM13132546

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